BYMA 2Q19

Bolsas y Mercados Argentinos (BYMA) reported a quarterly net result in line with expectations. The effort to generate new businesses did not offset the deterioration in trading volume and assets under custody.

Prospects were negatively affected by political risk and deterioration in the main economic drivers, resulting in a lower DCF target price. In terms of relative valuation, P/E (NTM) reached 4.9x, which is much lower than the region’s average (12.7x).